Bank, oil & gas, financial, auto and metal stocks were among the top drag. However, IT and pharma stocks were witnessing decent rise owing to a fall in rupee's value.

The NSE Nifty index was trading 22.15 points down at 11,654.65, while the BSE Sensex was down 84.53 points at 38,605.57 around 12:45 pm.

Among the 50 stocks in the Nifty index, 29 were in the green and 21 were in the red.

Lupin, Tech Mahindra, Dr. Reddy's Laboratories, HCL Technologies and Bharti Infratel were among the top gainers, while YES Bank, Reliance Industries, Bajaj Finance, Bajaj Finserv and Mahindra & Mahindra were among the top losers in the Nifty pack of stocks.